10:07 I.T LIMITED<00999> - Announcement (2) The Hong Kong Public Offering has been very significantly over-subscribed. A total of 63,627 valid applications have been received pursuant to the Hong Kong Public Offering on WHITE and YELLOW application forms for a total of 26,572,134,000 Hong Kong Offer Shares, equivalent to approximately 969 times of the total number of 27,412,000 Hong Kong Offer Shares initially available for subscription under Pool A and Pool B of the Hong Kong Public Offering. A total of 286 valid applications have been received pursuant to the Hong Kong Public Offering on PINK application forms for a total of 11,654,000 Hong Kong Offer Shares. The maximum number of Hong Kong Offer Shares available for subscription by full-time employees of the Group as at 31 December 2004 who were still full-time employees of the Group at the time they made their application on a PINK application form (excluding the directors or chief executives of the Company and its subsidiaries, the existing beneficial owners of Shares or their respective associates) (``Eligible Employees'') on a preferential basis on PINK application forms is 3,044,000. The Shares initially offered under the International Placing have also been very significantly over-subscribed. On the basis of the very significant over-subscription in the Hong Kong Public Offering, the clawback mechanism as specified in the section headed ``Structure of the Offering'' in the Prospectus has been applied. Accordingly, the total number of Shares available for subscription under the Hong Kong Public Offering has been increased to 152,272,000 Shares, representing approximately 50% of the total number of Shares initially available for subscription under the Offering. Share certificates for Hong Kong Offer Shares allotted to wholly or partially successful applicants using WHITE or PINK application forms which are either not available for personal collection, or which are so available but are not collected in person, will be despatched by ordinary post to those entitled at their own risk on Thursday, 3 March 2005. Share certificates for Hong Kong Offer Shares allotted to wholly or partially successful applicants using YELLOW application forms will be issued in the name of HKSCC Nominees and are expected to be deposited into CCASS for credit to their CCASS investor participants' stock accounts, or their designated CCASS participants' stock accounts, at the close of business on Thursday, 3 March 2005. Refund cheques which are either not available for personal collection, or which are so available but are not collected in person, will be despatched by ordinary post to the addresses of the applicants specified in the relevant application forms at their own risk on Thursday, 3 March 2005. The Company has granted to CLSA Limited (acting as the global co-ordinator, bookrunner and lead manager of the Offering) (``CLSA'') the Over-allotment Option exercisable by CLSA, at any time no later than the 30th day after Friday, 25 February 2005, to require the Company to issue and allot at the Offer Price up to an aggregate of 45,682,000 additional Shares. In the event that the Over-allotment Option is exercised, a corresponding press announcement will be made. Dealings in the Shares on the Main Board of the Stock Exchange are expected to commence on Friday, 4 March 2005. OFFER PRICE The Offer Price has been determined at HK$1.95 per Share (excluding brokerage of 1%, a SFC transaction levy of 0.005%, an investor compensation levy of 0.002% and a Stock Exchange trading fee of 0.005%). The net proceeds of the Offering after deduction of underwriting discounts and commissions and estimated expenses will be approximately HK$456.9 million. APPLICATIONS RECEIVED AND ALLOCATION OF Hong Kong Offer SHARES A total of 27,412,000 Hong Kong Offer Shares were initially available in Pool A and Pool B to satisfy demand for applications made on WHITE and YELLOW application forms. The balance of 3,044,000 Hong Kong Offer Shares were available for subscription by Eligible Employees on a preferential basis.